Key
West has passed an ordinance outlawing unlicensed short-term rentals
in residential properties for less than 30 days.

The exception to this rule is if you have a ‘transient
license’. You can rent a property on a daily basis if
you like with a transient license. There aren’t any more licenses
being issued. You have to purchase an existing one from someone willing
to sell theirs and transfer it to your property. When available, the
cost (as of May 2005) averages about $50,000, and they are very hard
to come by.

There
are further restrictions on buying Transient Licenses. You can only transfer
a license to properties located in specific areas of Key West, and you
can only transfer a license to a 'like kind'property.

The rest of Monroe County has passed an ordinance prohibiting
vacation rentals of less than 28 days in many areas. There are a few
exceptions to this rule scattered throughout the County that do allow
daily or weekly rentals.

All rental properties must hold city and county occupational
licenses and adhere to the State of Florida regulations.

If you are purchasing a property with the idea
of renting it when you are not in residence, please keep this in mind
as you formulate your investment plan. Ask Naomi Van Steelandt about the restrictions
in the specific area you wish to purchase property in.